Sunday 19 May 2013 05:13 UTC
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If you have more than a year's worth of anticipated costs and an engine overhaul in the kitty -> pay the excess to the group members or reduce the monthlies for a bit.
I would be pretty hesitant to invest any of the money in any scheme; if you want a decent return you either have to fix it for some considerable time or invest in something potentially lucrative but equally likely to go sour. Suspect that the likely return per member is at best going to be a pittance and not worth the risk of aggro when things have gone sour.
Your neck would be on the chopping block and we would miss your contributions on here.
So no good on any count.
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There are some reputable on-line term savings accounts available. Interest rates being as they are you don't make a fortune, and you'll probably have to leave the money there for a minimum of twelve months. You'll make more than the zero you'll get leaving it in the current account, though.
Up to the group to decide whether it's worth the bother.
This lot offers business savings accounts
Sent from my high horse
Well I"ll tell you what we do.
We buy premium bonds -my address -- in another members name. We have a document signed by him which gives ownership to the group, and some forms for purchase/sale on file. We credit his account with winnings which is offset by his flying. In the event of a big win cheque will be paid direct into the group account and possible credit (divi) to each members account.
We have had quite a few small wins-we await the biggie--the return has been better than the building society-easy to administer and is a bit of fun.
If we all buy an aircraft each then you"ll know why.
Hi Keef--we"re not a limited company---There was a thread some time ago about whether it was worth being a limited company. I made extensive enquiries and could find no example of where the limited liablity in a group had come into play.
Our group rules cover it and we have a barrister in the group so we have checked it out .
If you can find a away around your rules might be worth considering--putting cash in a BS at almost no percent doesn"t seem worth the aggro.
Trust you are ok.
PS-where are you based now.?
If ye're not a Ltd Co, then the rules are different. Your group barrister will know what's allowed (or should).
Yes, life goes on (well, and happy). G-UTSY is now living in France with her new owner. I fly and enjoy a little Jodel D119 based at Monewden. I wouldn't mind access to a nice IFR touring retractable, but there's nothing around within reasonable range of here (that I've found yet). Meanwhile, a thriving benefice of three parishes (and a brilliant team) has me busy and active in the retirement job so I don't miss the LFAT soup-and-wine runs as much as I thought I would. We've joined the village choir, we're known in both the village pubs, and we already know more people in the villages than we did in Thundersley (and especially the key tradesmen such as plumber, carpenter, builder...): Suffolk is a friendly place.
Moderatio in omnibus
Premium bonds is the way to go. However, tried it in my last group (£8k ahead in the fund) but the only accountant in the group came up with all the no's possible so it failed. I am also in a theatre group with over £8k in the accounts - being wasted on deposit.
Charities and small organistations have approx £8 billion on deposit earning zero interest, therefore supporting the balance sheets of banks, which in turn they lend out thru their credit card companies charging +20%
The Colt group has taken to investing in 100ll, stored in the bowser at OId Buckenham. A very sensible and praiseworthy course of action IMHO
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Regarding limited company syndicates, my daughter tells me up to £5k can be "borrowed" from a company and repaid without penalty within a financial year. So if syndicate members each withdrew an equal chunk of a engine fund and bought premium bonds with it cashing them in at the end of each year and re-buying the next can anyone see a problem with that?
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